Capital Markets | Auto Finance News - Part 4

Despite Exeter’s growth, CarMax-sourced share of latest ABS stays flat

Although Exeter Finance’s portfolio has grown 19% through midyear, the portion of originations stemming from CarMax dealerships has remained steady, according to a pre-sale report from Standard & Poor’s. Exeter’s portfolio hit $5.1 billion as of June 30, up from $4.3 billion at the end of 2018. Yet the ratio of CarMax loans in Exeter’s […]

Thin-credit lender scores $150M in funding

Lendbuzz, a direct online auto lender that markets to thin- and no-credit borrowers, landed $150 million in debt and equity financing, the company announced Monday. The equity funding round was led by 83North, and the debt funding was led by BHI, ConnectOne Bank and IDB Bank, among others. Last year, Lendbuzz secured $30 million in […]

Subprime loan losses decline in prime securitizations

Fresh data from DBRS shows that subprime loans securitized with mostly prime issuance outperform subprime loans in mostly subprime securitizations, according to the rating agency’s Figures on Automotive Securitization Tapes (FAST) report published last week. An issuer’s ABS transaction is categorized as a prime or subprime shelf based on the weighted-average Fico of each securitized […]

Auto ABS heats up with $4.7B of issuance

A handful of prime and subprime securitizers pumped up ABS volume this week, bringing $4.7 billion of loans and leases to market, according to presale reports from S&P Global Ratings.  Auto ABS volume totaled $61.3 billion as of July 8, up 12.7% year over year, according to data from JPMorgan Securities. On the prime side, […]

Credit Acceptance stock closes in on $500 per share

In Credit Acceptance Corp.’s first day of trading on June 5, 1992, the stock closed at $2.71 per share. Fast forward 17 years, and the subprime lender’s stock price is nearing the $500-per-share mark. In its first decade of trading, CAC’s stock averaged $11.43 per share. It crossed the $20 mark in 1995 and the […]

Japanese auto lender heats up ABS market with $468m issuance

Japanese auto financier Orient Corp. (Orico) is bringing $467.6 million of asset-backed securities to market in a deal that’s expected to close July 30. The notes were rated by Moody’s Investors Service and Fitch Ratings.  The deal is Orico’s second this year, propping up the lender’s U.S. ABS volume to nearly $1 billion. The latest […]

Auto issuance drives ABS growth

The auto finance sector is propping up the securitization market, with year-over-year growth climbing 18% through June, according to Kroll Bond Rating Agency’s Midyear 2019 ABS Outlook published last week. Auto securitization volume hit $68.5 billion through June, according to KBRA. “Despite plateauing new-vehicle sales, there has been tremendous year over year growth in auto-related […]

Santander salvages Chrysler agreement with FCA $60M payment

Santander Consumer USA has paid $60 million to Fiat Chrysler Automobiles Group to amend a private label financing agreement whose future had been uncertain for the past year.  The modified pact between SCUSA and FCA adjusts specific performance metrics, exclusivity commitments and payment provisions under the agreement, according to the filing of an 8-K with […]
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